ParAccel Closes Record Q1 Revenues and $20 Million Investment Round
500% YOY Growth Fueled by Market Demand for ParAccel Analytic Platform
CAMPBELL, CA-- Apr 25, 2012 - ParAccel, Inc., a leading enterprise analytic platform provider, today announced record Q1 revenue and the close of $20 million in funding from its existing investors. The company will use the investment to expand and capture the growing demand for ParAccel's analytic platform, which helps companies gain competitive advantage through unconstrained insights into their data.
"We are off to a great start for 2012, as Q1 was the largest quarter in the history of the company," said Chuck Berger, chairman and CEO for ParAccel. "The confidence demonstrated by our core investors doubling down on ParAccel underscores the momentum we're experiencing with customers and the sharp uptick in market demand for ways to harness big data to develop new business insights."
ParAccel's growth is fueled by both the addition of new customers to its client roster and expansions with existing customers, giving the company over a 500 percent increase in Q1 revenue year over year. ParAccel also expanded its sales, solutions and product marketing leadership team to help the company meet surging demand for its solutions. The company added industry veterans Greg Petraetis, vice president of sales, and John Santaferraro, vice president of solutions and product marketing, based on their proven track record of success in business acceleration.
The companies using ParAccel solutions span a wide range of industries, including financial services, government, healthcare, travel, hospitality, information service provider and customer relationship management. ParAccel's recently acquired customers include: Alliance Health Networks, Department of Defense and TRX, among others.
To gain a competitive advantage in a fast paced, data-driven world, companies need immediate answers to any business question they decide to ask. As the leading analytic platform provider, ParAccel accelerates analytics and opens the door for companies to accelerate, innovate and compete. ParAccel Analytic Platform is an analytic database surrounded by extensibility and integration technology as a foundation for running big data analytics, anytime, anywhere. ParAccel's Fortune 1000 customers, in digital media, retail, financial services, healthcare and government, are testing the bounds of unconstrained analytics with the most prolific, most powerful, most expansive analytic platform in the world. For more information please contact us at firstname.lastname@example.org or 866-903-0335.